Price for Food Preparations Not Elsewhere Specified or Included in Panama - 2023
Contents:
- Price for Food Preparations Not Elsewhere Specified or Included in Panama (CIF) - 2023
- Price for Food Preparations Not Elsewhere Specified or Included in Panama (FOB) - 2022
- Imports of Food Preparations Not Elsewhere Specified or Included in Panama
- Exports of Food Preparations Not Elsewhere Specified or Included in Panama
Price for Food Preparations Not Elsewhere Specified or Included in Panama (CIF) - 2023
In November 2023, the average import price for food preparations not elsewhere specified or included amounted to $11,346 per ton, with an increase of 13% against the previous month. Over the period from November 2022 to November 2023, it increased at an average monthly rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Costa Rica ($51,814 per ton), while the price for Thailand ($1,463 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Italy (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Food Preparations Not Elsewhere Specified or Included in Panama (FOB) - 2022
In 2022, the average export price for food preparations not elsewhere specified or included amounted to $3,559 per ton, declining by -10.8% against the previous year. In general, the export price saw a deep slump. The most prominent rate of growth was recorded in 2016 when the average export price increased by 8.2%. The export price peaked at $9,970 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($3,862 per ton), while the average price for exports to Free Zones ($2,343 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Food Preparations Not Elsewhere Specified or Included in Panama
In 2022, approx. 20K tons of food preparations not elsewhere specified or included were imported into Panama; declining by -4.1% against the previous year. In general, imports showed a perceptible descent. The most prominent rate of growth was recorded in 2021 when imports increased by 2.9%.
In value terms, imports of food preparations not elsewhere specified or included shrank to $170M in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 15% against the previous year. As a result, imports reached the peak of $190M, and then reduced in the following year.
| Import of Food Preparations Not Elsewhere Specified or Included in Panama (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Costa Rica | 48.9 | 40.8 | 61.0 | 55.7 | 4.4% |
| United States | 45.7 | 45.1 | 54.3 | 47.5 | 1.3% |
| Free Zones | 26.1 | 25.0 | 30.8 | 14.9 | -17.0% |
| Mexico | 9.5 | 8.8 | 10.4 | 11.0 | 5.0% |
| Netherlands | 0.7 | 2.1 | 0.4 | 5.0 | 92.6% |
| Colombia | 2.5 | 4.3 | 4.5 | 4.5 | 21.6% |
| Chile | 5.7 | 6.1 | 3.9 | 3.7 | -13.4% |
| Germany | 5.1 | 4.3 | 4.3 | 3.6 | -11.0% |
| El Salvador | 1.8 | 2.0 | 3.2 | 2.8 | 15.9% |
| Brazil | 0.8 | 1.1 | 1.3 | 1.9 | 33.4% |
| China | 2.6 | 2.7 | 1.8 | 1.7 | -13.2% |
| Denmark | 0.4 | 0.2 | 0.3 | 1.4 | 51.8% |
| Italy | 0.5 | 0.7 | 1.0 | 1.2 | 33.9% |
| Others | 20.3 | 21.4 | 12.5 | 15.1 | -9.4% |
| Total | 171 | 164 | 190 | 170 | -0.2% |
Top Suppliers of Food Preparations Not Elsewhere Specified or Included to Panama in 2022:
- United States (6.6K tons)
- Mexico (2.3K tons)
- Costa Rica (1.8K tons)
- Netherlands (1.2K tons)
- Colombia (1.1K tons)
- Free Zones (1.1K tons)
- China (0.8K tons)
- Brazil (0.7K tons)
- El Salvador (0.6K tons)
- Denmark (0.6K tons)
- Chile (0.6K tons)
- Italy (0.4K tons)
- Germany (0.3K tons)
Exports of Food Preparations Not Elsewhere Specified or Included in Panama
In 2022, exports of food preparations not elsewhere specified or included from Panama reached 66 tons, picking up by 3.8% against 2021 figures. Overall, exports, however, continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2020 with an increase of 10% against the previous year. As a result, the exports reached the peak of 2.8K tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.
In value terms, exports of food preparations not elsewhere specified or included declined to $233K in 2022. Over the period under review, exports, however, continue to indicate a dramatic decrease. The pace of growth was the most pronounced in 2020 with an increase of 9.4%. As a result, the exports reached the peak of $16M. From 2021 to 2022, the growth of the exports of failed to regain momentum.
| Export of Food Preparations Not Elsewhere Specified or Included in Panama (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Costa Rica | 1,026 | 754 | 13.0 | 58.4 | -61.5% |
| Nicaragua | 504 | 400 | 2.9 | 53.5 | -52.7% |
| Cuba | 566 | 265 | 141 | 47.0 | -56.4% |
| Ecuador | 335 | 221 | 27.6 | 31.8 | -54.4% |
| Free Zones | 7,222 | 6,261 | N/A | 26.5 | -84.6% |
| Venezuela | 89.7 | 408 | 19.2 | 13.2 | -47.2% |
| Dominican Republic | 328 | 502 | 15.9 | N/A | -78.0% |
| Peru | 437 | 498 | N/A | N/A | 14.0% |
| Guatemala | 1,308 | 757 | 0.9 | N/A | -97.4% |
| United States | 244 | 1,487 | 26.4 | N/A | -67.1% |
| El Salvador | 402 | 322 | N/A | N/A | -19.9% |
| Colombia | 513 | 336 | N/A | N/A | -34.5% |
| Honduras | 490 | 352 | N/A | N/A | -28.2% |
| Others | 1,495 | 3,799 | 5.9 | 3.1 | -87.2% |
| Total | 14,958 | 16,361 | 252 | 233 | -75.0% |
Top Export Markets for Food Preparations Not Elsewhere Specified or Included from Panama in 2022:
- Costa Rica (15.2 tons)
- Nicaragua (14.0 tons)
- Cuba (12.2 tons)
- Free Zones (11.3 tons)
- Ecuador (8.8 tons)
- Venezuela (3.4 tons)
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